When we think of athletes, we often imagine they are some of the richest members of society. This is true in some respects, but like all people they are subject to the same problems as everyone else, including bankruptcy. The sobering truth is that 78% of NFL players will file bankruptcy within 5 years of leaving the league, with similar numbers for NBA players. As a St. Louis Bankruptcy Lawyer, this shows that bankruptcy is not something that happens just to poor people. Debt problems can impact even some of the richest people, regardless of how much money they made.
St. Louis Bankruptcy Lawyer on Reasons for These Numbers
These athletes face the same problems everyone does – namely, unexpected job loss and divorce. Many athletes expect to have long careers that pay them lucrative salaries. Unfortunately, injuries or ineffectiveness may hit them, leaving them jobless. They also may face a divorce which causes them to split their assets.
Another issue is that many of them athletes simply haven’t been taught to properly manage money. They are often surrounded by people who may not have these athletes best interest in mind and cause them to invest in dubious business ventures, spend too much money on homes or cars, and basically not encourage fiscal responsibility. As a St. Louis Bankruptcy Lawyer, whether you are rich are poor, it is extremely important to understand money management.
If you have experienced debt problems, Westbrook Law Group can help. Whether you have significant assets or little at all, bankruptcy can help you get your debt under control once and for all. We understand how stressful debt problems can be and we want to provide relief. To learn how a St. Louis Bankruptcy Lawyer can help, contact Westbrook Law Group today for a free consultation.